Is Olympia Fields, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Olympia Fields is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Olympia Fields has remained a Seller's Market.

Key Takeaway

Olympia Fields is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Olympia Fields, IL

How much do homes in Olympia Fields, IL cost?

Median Sold Price

$339,500

$129/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$15,387(+4.7%)

Key Takeaway

Homes in Olympia Fields have sold for 4.7% more than they did a year ago.

Summary: The median home sold price in Olympia Fields was $339,500 in May 2024, up 4.7% from last year, and the median price per square foot was $129.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 $223.9K$221K
-1.3%
3 $270.9K$273.7K
+1.0%
4 $335K$367.7K
+9.8%
5+ $392.4K$485K
+23.6%

Summary: Olympia Fields housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.3%, 3 bedroom homes increased by 1%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 23.6%.

Median Sold Price Compared To Nearby Cities

Chicago Heights
+5.9%
Olympia Fields
+4.7%
Flossmoor
+4.0%
Park Forest
0.5%
Rich Township
-4.8%

Housing Supply in Olympia Fields, IL

How many homes are available in Olympia Fields, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
2628+7.7%

Summary: The Olympia Fields real estate market had 28 homes for sale in May 2024, a 7.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 12
+100.0%
3 57
+40.0%
4 1715
-11.8%
5+ 34
+33.3%

Summary: The Olympia Fields housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 40%, 4 bedroom homes decreased by 11.8%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
48+100.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Olympia Fields, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Olympia Fields in May 2024, up by 100.0% month-over-month. Of the 8 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.

Days on Market for Olympia Fields, IL

How long does it take to sell a home in Olympia Fields, IL?

Average Sale Time

May 2023May 2024CHANGE
35 Days20 Days-42.5%

Summary: Homes in Olympia Fields had an average of 20 days on market in May 2024, down by 42.5% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Olympia Fields are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 8 homes were sold in Olympia Fields; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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